Exxon Mobil's Golden Pass LNG Plant Gets 3-Year Extension Amid Contractor Challenges: Report

On Thursday, Exxon Mobil Corporation XOM and Qatar Energy's Golden Pass LNG plant received good news from the authorities after lead contractor Zachry Holdings filed for bankruptcy earlier this year.

The plant situated at the Sabine Pass site has reportedly received a three-year extension to complete the Golden Pass LNG facility, reported Reuters.

Golden Pass LNG project is one of two major U.S. LNG facilities anticipated to substantially boost the country's LNG supply capacity within the coming year.

Notably, the plant got an extension due to delays caused by the bankruptcy of the lead contractor.

Earlier, Zachry Holdings, whose share of the project was valued at $5.8 billion, stated that it faced cost challenges over a change order and billings schedule and is engaged in negotiations with Golden Pass LNG for additional funding without success.

This month, ExxonMobil and HELLEniQ ENERGY completed Phase 1 of offshore Crete exploration, gathering 7,789 km of seismic data.

In addition, the oil giant disclosed that changes in oil prices are expected to reduce third-quarter upstream earnings Q/Q by $(1.0) billion to $(0.6) billion.

Investors can gain exposure to XOM via EA Series Trust Strive U.S. Energy ETF DRLL and SPDR Select Sector Fund – Energy Select Sector XLE.

Exxon Mobil Stock Prediction For 2024

Equity research analysts on and off Wall Street typically use earnings growth and fundamental research as a form of valuation and forecasting. But many in trading turn to technical analysis as a way to form predictive models for share price trajectory.

Some investors look to trends to help forecast where they believe a stock could trade at a certain point in the future. Looking at , an investor could make an assessment about a stock's long term prospects using a moving average and trend line. If they believe a stock will remain above the moving average, which many believe is a bullish signal, they can extrapolate that trend into the future using a trend line. For Exxon Mobil, the 200-day moving average sits at $113.54, according to Benzinga Pro, which is below the current price of $119.72. For more on charts and trend lines, see a description here.

Traders believe that when a stock is above its moving average, it is a generally bullish signal, and when it crosses below, it is a more negative signal. Investors could use trend lines to make an educated guess about where a stock could trade at a later date if conditions remain stable.

Price Action: XOM shares are up 0.22% at $119.85 at the last check Friday.

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